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The administrators of Phones 4U have built up a £130m war chest to fund a legal assault on mobile operators accused of colluding to trigger the retailer’s collapse.

A progress report reveals that PwC has “purposefully retained significant cash reserves to fund any litigation that may be required in respect of these claims”. The administrators have £130m in current accounts for companies that were part of Phones 4U and have told creditors much of this “is held as a reserve to fund the claims”.